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Berlin backs bank bill

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Berlin backs bank bill

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Germany’s cabinet has backed a bank restructuring bill that includes a levy on bank assets.

The one billion euros raised each year will be used to fund any future bank bailouts.

The bill should become law in January.

The BDB banking industry group said it “fundamentally approves” of the bill.

As the cabinet met, new survey figures from
the Ifo think tank showed German business morale rose to its highest in over three years in August.

The unexpected increase is a boost to the idea that Europe’s largest economy will keep growing even if others slip back into recession.

The Ifo results are based on a monthly survey of around 7,000 firms.